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  Your Leading Source for the FHA - 203(K) Renovation Program!

The FHA 203(k) loan allows the buyer to finance the cost of improving an existing 1-4 unit property into 1 loan at a long term fixed or adjustable rate.  The mortgage amount is based on the projected value of the property with the work completed (taking into account the cost of the work).  All this jargon basically means you can buy the property and fix it up with 1 loan.

The FHA 203k program is used to make improvements to an existing property. They can be used to make simple up-grades to a home, such as a kitchen or bath improvement, or to completely re-construct a home that is presently un-livable. They can also be used to tear down an existing structure and re-build a new one using some portion of the existing foundation.

For example, let’s assume that you are purchasing a home for $500,000 and wish to invest an additional $50,000 to renovate it. Traditional loan programs will lend you the funds to purchase the home but will not advance additional funds to renovate it. This program will finance both the purchase and renovation of a property